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December 2016

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Garments and textiles sector retained the position as Vietnam's largest foreign exchange earner by generating revenue of US$ 6.16 billion during the first six months of the current year.

The country now expects to meet this year's target of US$ 13.5 billion in garments and textiles export by grossing revenue of over US$ 7 billion in the remaining six months. Looking at the past experience, this seems achievable as the second half of a year is usually the major export season for the sector, especially owing to many high-value export contracts.

However, garments and textiles sales in EU and the US, the main countries to which Vietnam exports, are estimated to fall by 30 percent compared to the corresponding period in 2010 owing to economic uncertainties in those countries.

In view of the reduced demand in Vietnam's traditional export markets, the country's garment and textile companies may possibly see a reduction in both volume as well as the number of contracts signed. It may even necessitate a revision in trading and production plans of these companies for the remaining period.